Just upgraded to Ventrilo 4, also just paid for a server for me and my friends to use for it. I am the only person with this issue and we don't know why.

It is running in Administrator mode. When I check the "Use Direct Input to Detect Hotkey" the issue no longer persists, but the button is no longer discarded, which is almost the whole reason we use Ventrilo above Discord. I've included a screenshot of my settings.